How Foreclosure Will Impact You In Washington, DC

Across the country, people are still losing their homes to foreclosure every day. The banks are taking houses and leaving hard-working people with nothing to show for it. If you are behind on your mortgage, you don’t have to let the fear of foreclosure ruin you. There are alternatives! In our latest post, we explore how a foreclosure will impact you and what you can do to stop it.

Losing your house to foreclosure can have both long and short-term effects. There could be problems you might not have even considered as a result of foreclosure. If you are close to losing your home, there are solutions and ways to stop the banks from proceeding. First, let’s discuss the effects of foreclosure.

The Financial Effects

When you are foreclosed on, it will obviously have an adverse effect on your credit. Your credit score can drop by over 250 points. making it difficult for you to open a new line of credit with anyone. Do see your credit begin to rise again, you will need to be patient and not have any other financial slip-ups. It will take about 3 years for your credit score to rise again. If you want to buy another house, you will need to wait approximately 2-7 years to be able to qualify for financing.

If you are foreclosed on, and the bank is not able to recover the full amount borrowed, the difference is considered income. You might find yourself having to pay income taxes on the amount you were not able to pay back. Consult with an attorney or CPA to learn how a foreclosure will personally impact you in Washington, DC.

Mental Effects

Losing your house isn’t fun. The prospect of being homeless can cause stress, depression and lowered self-esteem. Losing your house is a loss of comfort, shelter, and recluse. But remember, this happens to people every day and it will pass. Here at Fair House Offer, we can help you avoid this situation.

What To Do About It

The fastest and best option is to sell your house right away. However, if you are facing foreclosure you might not have the time to wait for the traditional listing process. In addition, a listing will incur costs upfront. If you have missed mortgage payments, coming up with the cash to fix, repair and upgrade the house may not be readily available. You can choose to sell your house quickly to a professional homebuyer. Fair House Offer can make you a fair offer on your house, allowing you to sell quickly and walk away from the troubles you have been facing.

Not all homebuyers are the same. Before you agree to sell your house to a homebuyer, make you have run the numbers and that you won’t be hit by any hidden fees or charges. Fair House Offer is a full-service buyer. We handle everything from start to finish so you can get out of your difficult situation quickly.

Do you want to avoid foreclosure on your Washington, DC house? We can help! Send us a message or give us a call today! 202-899-7553

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“I cannot thank your company enough for helping me solve my real estate problems. I was behind on my mortgage payments, received a notice of default and needed someone to close quickly. Fair House Offer actually made up all of my back payments and continued to pay my mortgage which has helped me re-establish my credit. I cannot thank you enough.” - September 2015

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Beverly H. of NW Washington DC: “I would recommend Swing Real Estate to any and everyone. I was going through a tough situation and was about to lose my property to the bank. I reached out to them at the last minute after exhausting every other option. They were kind, professional and were able to pay me cash for my property! Instead of losing the house to the bank and getting nothing, Swing Real Estate allow me to put a substantial amount of money in my pocket and start over fresh without having a foreclosure on my credit report.” – April 2014

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Theo B. - "I was in need of selling my house fast and contacted Swing Real Estate. They were professional and responding very quickly. Before contacting Swing Real Estate I reached out to a few other "We Buy Houses" companies and none of them acting with a sense of urgency or got back to me. Swing Real Estate set up a time to visit my property and two weeks after seeing it we were at the closing table. I got a fair offer and could not be happier! I recommend Swing Real Estate to anyone looking to selling their property hassle free and quickly."

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